Since many people consider a condo as a rental property, they can earn lots of money by keeping it that way after buying. Also, buying single family homes can be a really expensive thing to do especially for the beginner real estate investors. Condos like the Festival Condos are usually cheaper, and this makes them one of the best investments that you can make.
However, condo investment has it’s own pros and cons, here are some of them for your consideration.
Ine if the best things about investing in a condo is that you won’t have to worry much about the outside maintenance. You aren’t obliged to remove the snow falling in front of the building. The condo management does that for you.
When you invest in a condo, you are paying for space inside the walls, and not the actual walls and roof. So, you don’t have to worry about replacing your roof. That is why, the only things you need to worry about are the appliances that are inside your condo.
Most of the condos are occupied by their owners. There is a very less percentage of condos that are rented out. This basically means that almost everyone in the community is living in his own living space, and they’ll show responsibility when living inside the community.
When you are living a single house, you’ll live far away from your neighbors. On the other hand, in condo living, you share you walls with the neighbors. So, hope that you find good neighbors in a condo community because bad neighbors can spoil the fun of living in a condo.
Condos come with a range of fees that you have to give on a monthly basis. These fees are used to maintain the condo in the long term, but they can be increased by the management, and this can be annoying for you.